In July 2011 energy prices rose by 2.0%. Non-energy prices increased by 1.3%; food prices inched up by 0.2%; beverages gained 1.0%; raw materials prices fell by 3.6%; metals increased by 4.1%; fertilizers up by 1.5%. The US dollar appreciated 0.9% against the euro but did depreciated 0.7% against a broad index of currencies.

European heads of state agreed on a €109 bn second financial package for Greece today. About one-third of the financing will be covered by debt swaps or rollovers by private bondholders. Aside from improving the terms of existing multilateral loans, the leaders also agreed to expand the European Financial Stability Facility’s mandate, including authority to buy bonds on the secondary market.